Artificial Lift - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Artificial Lift market is accounted for $6.99 billion in 2018 and is expected to reach $12.85 billion by 2027 growing at a CAGR of 7.0% during the forecast period. Some of the key factors propelling the market growth are raising investments in the upstream oil & gas sector and heavy oil production. However lack of skilled labour is the restraining factor for the growth of the market.
Artificial Lift is a method which is used on oil wells to increase pressure within the reservoir in order to increase flow of liquids such as crude oil or water. Some reservoirs do not flow naturally. So, the artificial lift methods are employed to lift the oil to the surface. These methods can be deployed on both mature and new wells to maximize and maintain production from well. The uses of artificial lift method include reduced boost life-of-well productivity, maintenance and risk, and increase ROI by balancing flow rates and lifting costs. The two main types of artificial lift methods are gas assisted and pump assisted. Pump assisted methods mostly include rod lift, PCP and ESP and gas assisted include plunger lift and gas lift.
By application, the offshore segment is expected to grow at a significant market share during the forecast period due to the fact that offshore has huge untapped reserves. Artificial lift methods such as gas lift, ESP, PCP, and hydraulic pumping are most prominently used in offshore oil wells.
On the basis of geography, North America is anticipated to hold considerable market share during the forecast period due to the redevelopment of shale reserves and growth in unconventional resources in the US and Canada. Additionally, the demand for artificial lift operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US is expected to drive market growth.
Some of the key players in Artificial Lift Market include AccessESP, Apergy, Borets International Limited, Camco, Dover Corporation, Flotek Industries, Inc, GE Oil & Gas, Halliburton, JJ Tech, John Crane Group, National Oilwell Varco, Inc, Novomet, Oilserv, Schlumberger and Weatherford.
• Electrical Submersible Pump (ESP)
• Gas Lift
• Hydraulic Pumps
• Plunger Lift
• Progressive Cavity Pump (PCP)
• Rod Lift
Well Types Covered:
• Gas Assisted
• Pump Assisted
• Cable System
• Drive Head
• Gas-lift Mandrels
• Gas-lift Valves
• Pump Jack
• Sucker Rod
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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